They spend more. The median home in the U.S. costs $186,100. Nick Segal, founder of Los Angeles realty Partners Trust, says the range for celebs is $3.5 million to $20 million. Meanwhile, the median monthly rent in Manhattan is $3,444. In Los Angeles it’s $1,416. Taylor Swift–No. 1 on our Celebrity 100 ranking of the world’s top-earning stars–is renting a place in Manhattan’s Greenwich Village that was listed for $39,500 a month. Beyoncé Knowles and Jay Z are thought to be spending $150,000 per month to rent a mansion in L.A.’s Holmby Hills. They buy younger. Swift reportedly bought her first home in Nashville at just 20 years old. Now 26, she owns at least four. The average first time homebuyer is 33. That age has been rising steadily since the 1970s, according to real estate data site Zillow. They buy off market. Usually when someone sells a home, their real estate agent lists the property on the local Multiple Listing Service (databases where brokers share information about homes on the market). They set an asking price. People tour the home and offer some percentage of asking. Celebrities, however, are often drawn to homes that have never hit MLS. The allure is part owning something no one else has seen, part a hope for privacy. Agents call these “pocket listings,” and attempt to sell via whisper chain through their networks. Jennifer Lopez and David Copperfield both bought homes this way in the past year.
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Donnie and Nicole Chiu-Wang loved the location of their San Francisco studio, but they desperately needed to make its 537 square feet feel more spacious. To do that, they turned their attention to the 13-foot ceiling. Having watched online videos of cleverly designed moving walls in small New York City apartments, they thought that there must be a way to use their space more efficiently too. Donnie reached out to an architect friend, who offered to take on the dilemma with another friend. The pair came up with a prefabricated multipurpose loft that freed up square footage, and includes two beds, a stand-up desk, a dining table and plenty of storage. The housing market has done a lot of healing, but it also has a long way to go. There’s likely no sector as important to the U.S. economy as housing. In the first quarter of 2016, residential investment accounted for roughly half of the 1.1% increase in real GDP. Historically, this is on the high side, but when you count spending on housing services as well as spending on various kinds of housing construction, the home construction industry can account for as much as one fifth of overall output in the U.S. economy. That’s why housing has traditionally powered the American economy out of recessions, and that’s why housing’s role as the trigger of the Great Recession was so damning to the subsequent recovery. While housing prices have improved—with home values in some markets higher than before the crisis—there’s evidence that the housing bust has inflicted long-term damage on the home building industry and therefore the American economy. Here are 6 charts from Torsten Slok, Deutsche Bank’s Chief International Economist, that show the state of the housing market and how it’s powering, and holding back, the rest of the economy. People Really Want to Buy Homes There’s evidence that the millennial generation has been slow to warm to the idea of homeownership, as they are generally delaying decisions like marriage and child rearing. But as this chart shows, overall, Americans are still in the market for new homes.
A New Jersey family seeks a vacation house on the beach. One of the top value-adds to any home is the quantity and quality of the bathrooms. The bathroom is an area where you spend a great deal of time at the beginning and ending of each day. An ideal bathroom exudes a clean, tranquil, and comfortable ambience. But sometimes…there is just a lot of funny business happening as the videos below show.
Clean the walkway
Pressure-wash the walkway, then replace damaged pavers or bricks, or just flip them over. If any pavers are sticking up too high, raise them, remove a little dirt, and drop them back in place. On concrete walkways fill in cracks with a masonry crack filler that matches the color of your concrete. Spruce up the front door Probe the weather stripping around the door with a screwdriver and caulk any post-winter gaps before tightening hinges that may have come loose due to shifts in temperature. Prep the windows Caulk any gaps in the framing and check that the mechanics are working by opening and closing each window a few times. Fill up two buckets: one with 1 cup of vinegar, 1 cup of ammonia, and 1 gallon of hot water; the other with warm water. Wash windows with the vinegar-ammonia solution first, then with water only. Dry with a squeegee. Quick tip: Wash windows on a cloudy day. The sun may dry the solution too soon, leaving streaks. Reinforce the fence posts Replace warped or rotten pickets or posts, then give posts a good yank to make sure they're sturdy in the ground. |
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